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Chapter 11 Bankruptcy Lawyer in Arlington

Debt Relief for Texas Business Owners

Chapter 11 is not as well understood as Chapter 7 and Chapter 13. This chapter allows struggling business owners to reorganize their debts and confidently address the financial needs of their company with the hope of rebuilding and securing renewed financial solidity. In 2010 alone, more than 14,000 Chapter 11 cases were filed. Large corporations such as K-Mart, General Motors, and United Airlines have all filed for Chapter 11 bankruptcy.

If you are a business owner in North Texas and struggling to keep above water, filing for Chapter 11 could be the key solution to help you restructure your company and discharge debts.

Find out if filing for chapter 11 can help you and your business. Call our law office in Arlington, TX at (817) 381-9292 for a free consultation today!

Is Business Reorganization Bankruptcy Right For you?

Chapter 11 bankruptcy is also known as a "business reorganization" bankruptcy. Individuals can, rarely, utilize this form of bankruptcy, but it is most commonly used by businesses facing financial hardships. Qualified debtors can reorganize their payment responsibilities and repay their debts while continuing to operate their business with oversight from the court.

Major corporations and small businesses alike can utilize the provisions in Chapter 11, but there are some special exceptions available for small businesses. Under the bankruptcy code, a small business debtor is a business owner who owes a total of $2,490,925 or less.

Special exemptions available for small businesses under Chapter 11 include:

  • Option for No Creditor's Committee - In most Chapter 11 cases, an appointed committee represents the interests of the involved creditors. This can increase the cost of filing for a business reorganization, as the committee can hire attorneys at the debtor's expense. For small businesses, the courts can prevent the appointment of a creditor's committee, which can significantly reduce costs. 
  • Waiver of Disclosure Statement Requirement - Most debtors filing for Chapter 11 submit a disclosure statement for approval to the courts, which is then given to creditors. These statements provide information about the proposed repayment plan. For small businesses, the court can waive this requirement, which can expedite the process and reduce costs.
  • Additional Filing Duties and Trustee Oversight - Small businesses are subject to some more reporting and oversight requirements than other Chapters 11 filers.

If you hope to keep your business afloat and continue operations after the bankruptcy proceedings are over, Chapter 11 bankruptcy could be a good choice for your business.

Serving Business Owners Throughout North Texas

If you are a business owner contemplating filing for bankruptcy, don't hesitate to get in touch with our experienced Arlington bankruptcy lawyer today. We have effectively served countless clients throughout Arlington, Mansfield, Grand Prairie, Fort Worth, Cedar Hill, and other North Texas communities since our bankruptcy law firm was founded in 1998. With over 30 years of experience, Attorney Marilyn Garner understands Texas bankruptcy laws as they apply to business owners.

Take a step toward a fresh financial start. Call The Law Office of Marilyn D. Garner at (817) 381-9292 for a free consultation to learn how we can help you get your business back on its feet.

“My experience with the law office of Marilyn Garner was amazing. They made me feel welcome from the time I stepped in the office until I left.”

- Former Client
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